Bill Text: IN SB0405 | 2013 | Regular Session | Introduced
Bill Title: Public transportation corporation funding.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-01-10 - First reading: referred to Committee on Tax and Fiscal Policy [SB0405 Detail]
Download: Indiana-2013-SB0405-Introduced.html
Citations Affected: IC 36-7-14; IC 36-9-4.
Synopsis: Public transportation corporation funding. Provides that a
redevelopment commission of a municipality may provide revenue to
a public transportation corporation from property tax proceeds
allocated to the redevelopment commission in a tax increment
financing area. Limits the amount of revenue to the amount of property
tax revenue received by the redevelopment commission that is
attributable to the public transportation corporation's tax rate. Requires
a joint public hearing of the municipality's legislative body and the
redevelopment commission and the adoption of substantially similar
authorizing resolutions.
Effective: July 1, 2013.
January 10, 2013, read first time and referred to Committee on Tax and Fiscal Policy.
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A BILL FOR AN ACT to amend the Indiana Code concerning local
government.
(1) Acquire by purchase, exchange, gift, grant, condemnation, or lease, or any combination of methods, any personal property or interest in real property needed for the redevelopment of areas needing redevelopment that are located within the corporate boundaries of the unit.
(2) Hold, use, sell (by conveyance by deed, land sale contract, or other instrument), exchange, lease, rent, or otherwise dispose of property acquired for use in the redevelopment of areas needing redevelopment on the terms and conditions that the commission considers best for the unit and its inhabitants.
(3) Sell, lease, or grant interests in all or part of the real property acquired for redevelopment purposes to any other department of the unit or to any other governmental agency for public ways,
levees, sewerage, parks, playgrounds, schools, and other public
purposes on any terms that may be agreed on.
(4) Clear real property acquired for redevelopment purposes.
(5) Enter on or into, inspect, investigate, and assess real property
and structures acquired or to be acquired for redevelopment
purposes to determine the existence, source, nature, and extent of
any environmental contamination, including the following:
(A) Hazardous substances.
(B) Petroleum.
(C) Other pollutants.
(6) Remediate environmental contamination, including the
following, found on any real property or structures acquired for
redevelopment purposes:
(A) Hazardous substances.
(B) Petroleum.
(C) Other pollutants.
(7) Repair and maintain structures acquired for redevelopment
purposes.
(8) Remodel, rebuild, enlarge, or make major structural
improvements on structures acquired for redevelopment purposes.
(9) Survey or examine any land to determine whether it should be
included within an area needing redevelopment to be acquired for
redevelopment purposes and to determine the value of that land.
(10) Appear before any other department or agency of the unit, or
before any other governmental agency in respect to any matter
affecting:
(A) real property acquired or being acquired for
redevelopment purposes; or
(B) any area needing redevelopment within the jurisdiction of
the commissioners.
(11) Institute or defend in the name of the unit any civil action.
(12) Use any legal or equitable remedy that is necessary or
considered proper to protect and enforce the rights of and perform
the duties of the department of redevelopment.
(13) Exercise the power of eminent domain in the name of and
within the corporate boundaries of the unit in the manner
prescribed by section 20 of this chapter.
(14) Appoint an executive director, appraisers, real estate experts,
engineers, architects, surveyors, and attorneys.
(15) Appoint clerks, guards, laborers, and other employees the
commission considers advisable, except that those appointments
must be made in accordance with the merit system of the unit if
such a system exists.
(16) Prescribe the duties and regulate the compensation of
employees of the department of redevelopment.
(17) Provide a pension and retirement system for employees of
the department of redevelopment by using the Indiana public
employees' retirement fund or a retirement plan approved by the
United States Department of Housing and Urban Development.
(18) Discharge and appoint successors to employees of the
department of redevelopment subject to subdivision (15).
(19) Rent offices for use of the department of redevelopment, or
accept the use of offices furnished by the unit.
(20) Equip the offices of the department of redevelopment with
the necessary furniture, furnishings, equipment, records, and
supplies.
(21) Expend, on behalf of the special taxing district, all or any
part of the money of the special taxing district.
(22) Contract for the construction of:
(A) local public improvements (as defined in IC 36-7-14.5-6)
or structures that are necessary for redevelopment of areas
needing redevelopment or economic development within the
corporate boundaries of the unit; or
(B) any structure that enhances development or economic
development.
(23) Contract for the construction, extension, or improvement of
pedestrian skyways.
(24) Accept loans, grants, and other forms of financial assistance
from the federal government, the state government, a municipal
corporation, a special taxing district, a foundation, or any other
source.
(25) Provide financial assistance (including grants and loans) to
enable individuals and families to purchase or lease residential
units within the district. However, financial assistance may be
provided only to individuals and families whose income is at or
below the unit's median income for individuals and families,
respectively.
(26) Provide financial assistance (including grants and loans) to
neighborhood development corporations to permit them to:
(A) provide financial assistance for the purposes described in
subdivision (25); or
(B) construct, rehabilitate, or repair commercial property
within the district.
(27) Require as a condition of financial assistance to the owner of
a multiple unit residential structure that any of the units leased by
the owner must be leased:
(A) for a period to be determined by the commission, which
may not be less than five (5) years;
(B) to families whose income does not exceed eighty percent
(80%) of the unit's median income for families; and
(C) at an affordable rate.
(28) Provide revenue to a public transportation corporation
from property tax proceeds allocated under section 39 of this
chapter as specified in a resolution adopted under
IC 36-9-4-59.
(b) Conditions imposed by the commission under subsection (a)(27)
remain in force throughout the period determined under subsection
(a)(27)(A), even if the owner sells, leases, or conveys the property. The
subsequent owner or lessee is bound by the conditions for the
remainder of the period.
(c) As used in this section, "pedestrian skyway" means a pedestrian
walkway within or outside of the public right-of-way and through and
above public or private property and buildings, including all structural
supports required to connect skyways to buildings or buildings under
construction. Pedestrian skyways constructed, extended, or improved
over or through public or private property constitute public property
and public improvements, constitute a public use and purpose, and do
not require vacation of any public way or other property.
(d) All powers that may be exercised under this chapter by the
redevelopment commission may also be exercised by the
redevelopment commission in carrying out its duties and purposes
under IC 36-7-14.5.
"Allocation area" means that part of a redevelopment project area to which an allocation provision of a declaratory resolution adopted under section 15 of this chapter refers for purposes of distribution and allocation of property taxes.
"Base assessed value" means the following:
(1) If an allocation provision is adopted after June 30, 1995, in a declaratory resolution or an amendment to a declaratory resolution establishing an economic development area:
(A) the net assessed value of all the property as finally determined for the assessment date immediately preceding the effective date of the allocation provision of the declaratory
resolution, as adjusted under subsection (h); plus
(B) to the extent that it is not included in clause (A), the net
assessed value of property that is assessed as residential
property under the rules of the department of local government
finance, as finally determined for any assessment date after the
effective date of the allocation provision.
(2) If an allocation provision is adopted after June 30, 1997, in a
declaratory resolution or an amendment to a declaratory
resolution establishing a redevelopment project area:
(A) the net assessed value of all the property as finally
determined for the assessment date immediately preceding the
effective date of the allocation provision of the declaratory
resolution, as adjusted under subsection (h); plus
(B) to the extent that it is not included in clause (A), the net
assessed value of property that is assessed as residential
property under the rules of the department of local government
finance, as finally determined for any assessment date after the
effective date of the allocation provision.
(3) If:
(A) an allocation provision adopted before June 30, 1995, in
a declaratory resolution or an amendment to a declaratory
resolution establishing a redevelopment project area expires
after June 30, 1997; and
(B) after June 30, 1997, a new allocation provision is included
in an amendment to the declaratory resolution;
the net assessed value of all the property as finally determined for
the assessment date immediately preceding the effective date of
the allocation provision adopted after June 30, 1997, as adjusted
under subsection (h).
(4) Except as provided in subdivision (5), for all other allocation
areas, the net assessed value of all the property as finally
determined for the assessment date immediately preceding the
effective date of the allocation provision of the declaratory
resolution, as adjusted under subsection (h).
(5) If an allocation area established in an economic development
area before July 1, 1995, is expanded after June 30, 1995, the
definition in subdivision (1) applies to the expanded part of the
area added after June 30, 1995.
(6) If an allocation area established in a redevelopment project
area before July 1, 1997, is expanded after June 30, 1997, the
definition in subdivision (2) applies to the expanded part of the
area added after June 30, 1997.
Except as provided in section 39.3 of this chapter, "property taxes" means taxes imposed under IC 6-1.1 on real property. However, upon approval by a resolution of the redevelopment commission adopted before June 1, 1987, "property taxes" also includes taxes imposed under IC 6-1.1 on depreciable personal property. If a redevelopment commission adopted before June 1, 1987, a resolution to include within the definition of property taxes taxes imposed under IC 6-1.1 on depreciable personal property that has a useful life in excess of eight (8) years, the commission may by resolution determine the percentage of taxes imposed under IC 6-1.1 on all depreciable personal property that will be included within the definition of property taxes. However, the percentage included must not exceed twenty-five percent (25%) of the taxes imposed under IC 6-1.1 on all depreciable personal property.
(b) A declaratory resolution adopted under section 15 of this chapter on or before the allocation deadline determined under subsection (i) may include a provision with respect to the allocation and distribution of property taxes for the purposes and in the manner provided in this section. A declaratory resolution previously adopted may include an allocation provision by the amendment of that declaratory resolution on or before the allocation deadline determined under subsection (i) in accordance with the procedures required for its original adoption. A declaratory resolution or an amendment that establishes an allocation provision after June 30, 1995, must specify an expiration date for the allocation provision. For an allocation area established before July 1, 2008, the expiration date may not be more than thirty (30) years after the date on which the allocation provision is established. For an allocation area established after June 30, 2008, the expiration date may not be more than twenty-five (25) years after the date on which the first obligation was incurred to pay principal and interest on bonds or lease rentals on leases payable from tax increment revenues. However, with respect to bonds or other obligations that were issued before July 1, 2008, if any of the bonds or other obligations that were scheduled when issued to mature before the specified expiration date and that are payable only from allocated tax proceeds with respect to the allocation area remain outstanding as of the expiration date, the allocation provision does not expire until all of the bonds or other obligations are no longer outstanding. The allocation provision may apply to all or part of the redevelopment project area. The allocation provision must require that any property taxes subsequently levied by or for the benefit of any public body entitled to a distribution of property taxes on taxable property in the allocation area be allocated and distributed as follows:
(1) Except as otherwise provided in this section, the proceeds of
the taxes attributable to the lesser of:
(A) the assessed value of the property for the assessment date
with respect to which the allocation and distribution is made;
or
(B) the base assessed value;
shall be allocated to and, when collected, paid into the funds of
the respective taxing units.
(2) The excess of the proceeds of the property taxes imposed for
the assessment date with respect to which the allocation and
distribution is made that are attributable to taxes imposed after
being approved by the voters in a referendum or local public
question conducted after April 30, 2010, not otherwise included
in subdivision (1) shall be allocated to and, when collected, paid
into the funds of the taxing unit for which the referendum or local
public question was conducted.
(3) Except as otherwise provided in this section, property tax
proceeds in excess of those described in subdivisions (1) and (2)
shall be allocated to the redevelopment district and, when
collected, paid into an allocation fund for that allocation area that
may be used by the redevelopment district only to do one (1) or
more of the following:
(A) Pay the principal of and interest on any obligations
payable solely from allocated tax proceeds which are incurred
by the redevelopment district for the purpose of financing or
refinancing the redevelopment of that allocation area.
(B) Establish, augment, or restore the debt service reserve for
bonds payable solely or in part from allocated tax proceeds in
that allocation area.
(C) Pay the principal of and interest on bonds payable from
allocated tax proceeds in that allocation area and from the
special tax levied under section 27 of this chapter.
(D) Pay the principal of and interest on bonds issued by the
unit to pay for local public improvements that are physically
located in or physically connected to that allocation area.
(E) Pay premiums on the redemption before maturity of bonds
payable solely or in part from allocated tax proceeds in that
allocation area.
(F) Make payments on leases payable from allocated tax
proceeds in that allocation area under section 25.2 of this
chapter.
(G) Reimburse the unit for expenditures made by it for local
public improvements (which include buildings, parking
facilities, and other items described in section 25.1(a) of this
chapter) that are physically located in or physically connected
to that allocation area.
(H) Reimburse the unit for rentals paid by it for a building or
parking facility that is physically located in or physically
connected to that allocation area under any lease entered into
under IC 36-1-10.
(I) For property taxes first due and payable before January 1,
2009, pay all or a part of a property tax replacement credit to
taxpayers in an allocation area as determined by the
redevelopment commission. This credit equals the amount
determined under the following STEPS for each taxpayer in a
taxing district (as defined in IC 6-1.1-1-20) that contains all or
part of the allocation area:
STEP ONE: Determine that part of the sum of the amounts
under IC 6-1.1-21-2(g)(1)(A), IC 6-1.1-21-2(g)(2),
IC 6-1.1-21-2(g)(3), IC 6-1.1-21-2(g)(4), and
IC 6-1.1-21-2(g)(5) (before their repeal) that is attributable to
the taxing district.
STEP TWO: Divide:
(i) that part of each county's eligible property tax
replacement amount (as defined in IC 6-1.1-21-2 (before its
repeal)) for that year as determined under IC 6-1.1-21-4
(before its repeal) that is attributable to the taxing district;
by
(ii) the STEP ONE sum.
STEP THREE: Multiply:
(i) the STEP TWO quotient; times
(ii) the total amount of the taxpayer's taxes (as defined in
IC 6-1.1-21-2 (before its repeal)) levied in the taxing district
that have been allocated during that year to an allocation
fund under this section.
If not all the taxpayers in an allocation area receive the credit
in full, each taxpayer in the allocation area is entitled to
receive the same proportion of the credit. A taxpayer may not
receive a credit under this section and a credit under section
39.5 of this chapter (before its repeal) in the same year.
(J) Pay expenses incurred by the redevelopment commission
for local public improvements that are in the allocation area or
serving the allocation area. Public improvements include
buildings, parking facilities, and other items described in
section 25.1(a) of this chapter.
(K) Reimburse public and private entities for expenses incurred in training employees of industrial facilities that are located:
(i) in the allocation area; and
(ii) on a parcel of real property that has been classified as industrial property under the rules of the department of local government finance.
However, the total amount of money spent for this purpose in any year may not exceed the total amount of money in the allocation fund that is attributable to property taxes paid by the industrial facilities described in this clause. The reimbursements under this clause must be made within three (3) years after the date on which the investments that are the basis for the increment financing are made.
(L) Pay the costs of carrying out an eligible efficiency project (as defined in IC 36-9-41-1.5) within the unit that established the redevelopment commission. However, property tax proceeds may be used under this clause to pay the costs of carrying out an eligible efficiency project only if those property tax proceeds exceed the amount necessary to do the following:
(i) Make, when due, any payments required under clauses (A) through (K), including any payments of principal and interest on bonds and other obligations payable under this subdivision, any payments of premiums under this subdivision on the redemption before maturity of bonds, and any payments on leases payable under this subdivision.
(ii) Make any reimbursements required under this subdivision.
(iii) Pay any expenses required under this subdivision.
(iv) Establish, augment, or restore any debt service reserve under this subdivision.
(M) Provide revenue to a public transportation corporation as specified in a resolution adopted under IC 36-9-4-59.
The allocation fund may not be used for operating expenses of the commission.
(4) Except as provided in subsection (g), before July 15 of each year, the commission shall do the following:
(A) Determine the amount, if any, by which the assessed value of the taxable property in the allocation area for the most recent assessment date minus the base assessed value, when
multiplied by the estimated tax rate of the allocation area, will
exceed the amount of assessed value needed to produce the
property taxes necessary to make, when due, principal and
interest payments on bonds described in subdivision (3), plus
the amount necessary for other purposes described in
subdivision (3).
(B) Provide a written notice to the county auditor, the fiscal
body of the county or municipality that established the
department of redevelopment, and the officers who are
authorized to fix budgets, tax rates, and tax levies under
IC 6-1.1-17-5 for each of the other taxing units that is wholly
or partly located within the allocation area. The notice must:
(i) state the amount, if any, of excess assessed value that the
commission has determined may be allocated to the
respective taxing units in the manner prescribed in
subdivision (1); or
(ii) state that the commission has determined that there is no
excess assessed value that may be allocated to the respective
taxing units in the manner prescribed in subdivision (1).
The county auditor shall allocate to the respective taxing units
the amount, if any, of excess assessed value determined by the
commission. The commission may not authorize an allocation
of assessed value to the respective taxing units under this
subdivision if to do so would endanger the interests of the
holders of bonds described in subdivision (3) or lessors under
section 25.3 of this chapter.
(c) For the purpose of allocating taxes levied by or for any taxing
unit or units, the assessed value of taxable property in a territory in the
allocation area that is annexed by any taxing unit after the effective
date of the allocation provision of the declaratory resolution is the
lesser of:
(1) the assessed value of the property for the assessment date with
respect to which the allocation and distribution is made; or
(2) the base assessed value.
(d) Property tax proceeds allocable to the redevelopment district
under subsection (b)(3) may, subject to subsection (b)(4), be
irrevocably pledged by the redevelopment district for payment as set
forth in subsection (b)(3).
(e) Notwithstanding any other law, each assessor shall, upon
petition of the redevelopment commission, reassess the taxable
property situated upon or in, or added to, the allocation area, effective
on the next assessment date after the petition.
(f) Notwithstanding any other law, the assessed value of all taxable property in the allocation area, for purposes of tax limitation, property tax replacement, and formulation of the budget, tax rate, and tax levy for each political subdivision in which the property is located is the lesser of:
(1) the assessed value of the property as valued without regard to this section; or
(2) the base assessed value.
(g) If any part of the allocation area is located in an enterprise zone created under IC 5-28-15, the unit that designated the allocation area shall create funds as specified in this subsection. A unit that has obligations, bonds, or leases payable from allocated tax proceeds under subsection (b)(3) shall establish an allocation fund for the purposes specified in subsection (b)(3) and a special zone fund. Such a unit shall, until the end of the enterprise zone phase out period, deposit each year in the special zone fund any amount in the allocation fund derived from property tax proceeds in excess of those described in subsection (b)(1) and (b)(2) from property located in the enterprise zone that exceeds the amount sufficient for the purposes specified in subsection (b)(3) for the year. The amount sufficient for purposes specified in subsection (b)(3) for the year shall be determined based on the pro rata portion of such current property tax proceeds from the part of the enterprise zone that is within the allocation area as compared to all such current property tax proceeds derived from the allocation area. A unit that has no obligations, bonds, or leases payable from allocated tax proceeds under subsection (b)(3) shall establish a special zone fund and deposit all the property tax proceeds in excess of those described in subsection (b)(1) and (b)(2) in the fund derived from property tax proceeds in excess of those described in subsection (b)(1) and (b)(2) from property located in the enterprise zone. The unit that creates the special zone fund shall use the fund (based on the recommendations of the urban enterprise association) for programs in job training, job enrichment, and basic skill development that are designed to benefit residents and employers in the enterprise zone or other purposes specified in subsection (b)(3), except that where reference is made in subsection (b)(3) to allocation area it shall refer for purposes of payments from the special zone fund only to that part of the allocation area that is also located in the enterprise zone. Those programs shall reserve at least one-half (1/2) of their enrollment in any session for residents of the enterprise zone.
(h) The state board of accounts and department of local government finance shall make the rules and prescribe the forms and procedures
that they consider expedient for the implementation of this chapter.
After each general reassessment of real property in an area under
IC 6-1.1-4-4 and after each reassessment in an area under a
reassessment plan prepared under IC 6-1.1-4-4.2, the department of
local government finance shall adjust the base assessed value one (1)
time to neutralize any effect of the reassessment of the real property in
the area on the property tax proceeds allocated to the redevelopment
district under this section. After each annual adjustment under
IC 6-1.1-4-4.5, the department of local government finance shall adjust
the base assessed value one (1) time to neutralize any effect of the
annual adjustment on the property tax proceeds allocated to the
redevelopment district under this section. However, the adjustments
under this subsection may not include the effect of property tax
abatements under IC 6-1.1-12.1, and these adjustments may not
produce less property tax proceeds allocable to the redevelopment
district under subsection (b)(3) than would otherwise have been
received if the general reassessment, the reassessment under the
reassessment plan, or the annual adjustment had not occurred. The
department of local government finance may prescribe procedures for
county and township officials to follow to assist the department in
making the adjustments.
(i) The allocation deadline referred to in subsection (b) is
determined in the following manner:
(1) The initial allocation deadline is December 31, 2011.
(2) Subject to subdivision (3), the initial allocation deadline and
subsequent allocation deadlines are automatically extended in
increments of five (5) years, so that allocation deadlines
subsequent to the initial allocation deadline fall on December 31,
2016, and December 31 of each fifth year thereafter.
(3) At least one (1) year before the date of an allocation deadline
determined under subdivision (2), the general assembly may enact
a law that:
(A) terminates the automatic extension of allocation deadlines
under subdivision (2); and
(B) specifically designates a particular date as the final
allocation deadline.
(1) that the system is unable to render that service or that there is
imminent danger that the system will be unable to render that
service; and
(2) that the system is:
(A) necessary to relieve traffic congestion in the municipality;
(B) necessary for the proper use of the factories, stores,
warehouses, offices, schools, recreational facilities, and other
places where members of the general public congregate;
(C) necessary to expand the economic and social opportunities
available to residents of the municipality, especially those who
cannot freely move about without the services of the system;
(D) a substantial factor in maintaining real property values in
the municipality; or
(E) a substantial factor in providing public housing,
redevelopment of blighted areas, and publicly owned offstreet
parking facilities.
(b) The municipal legislative body may furnish assistance under this
section by:
(1) making grants to the system;
(2) purchasing buses or real property from the system or from any
other source for lease to the system; or
(3) making both grants and purchases; or
(4) adopting a resolution under section 59 of this chapter
specifying that the municipality's redevelopment commission
will provide revenue from allocated property tax proceeds to
the public transportation corporation.
(1) by issuing bonds under section 43 or 44 of this chapter;
(2) by borrowing money made available for such purposes by any source;
(3) by accepting grants or contributions made available for such purposes by any source, including revenue from allocated property tax proceeds that is provided by a redevelopment commission that has adopted a resolution under section 59 of this chapter;
(4) in the case of a municipality, by appropriation from the general fund of the municipality, or from a special fund that the municipal legislative body includes in the municipality's budget;
or
(5) in the case of a public transportation corporation, by levying
a tax under section 49 of this chapter or by recommending an
election to use revenue from the county option income taxes, as
provided in subsection (c).
(b) Money may be acquired under this section for the purpose of
exercising any of the powers granted by or incidental to this chapter,
including:
(1) studies under section 4, 9, or 11 of this chapter;
(2) grants in aid;
(3) the purchase of buses or real property by a municipality for
lease to an urban mass transportation system, including the
payment of any amount outstanding under a mortgage, contract of
sale, or other security device that may attach to the buses or real
property;
(4) the acquisition by a public transportation corporation of
property of an urban mass transportation system, including the
payment of any amount outstanding under a mortgage, contract of
sale, or other security device that may attach to the property;
(5) the operation of an urban mass transportation system by a
public transportation corporation, including the acquisition of
additional property for such a system; and
(6) the retirement of bonds issued and outstanding under this
chapter.
(c) This subsection applies only to a public transportation
corporation located in a county having a consolidated city. In order to
provide revenue to a public transportation corporation during a year,
the public transportation corporation board may recommend and the
county fiscal body may elect to provide revenue to the corporation from
part of the certified distribution, if any, that the county is to receive
during that same year under IC 6-3.5-6-17. To make the election, the
county fiscal body must adopt an ordinance before November 1 of the
preceding year. The county fiscal body must specify in the ordinance
the amount of the certified distribution that is to be used to provide
revenue to the corporation. If such an ordinance is adopted, the county
fiscal body shall immediately send a copy of the ordinance to the
county auditor.
municipality's redevelopment commission provide revenue from
property tax proceeds allocated to the redevelopment commission
under IC 36-7-14. For a redevelopment commission to provide
revenue to a public transportation corporation, the legislative body
of the municipality and the redevelopment commission must adopt
substantially similar resolutions agreeing to provide the revenue to
the public transportation corporation. Such a resolution must set
forth at least the following:
(1) The boundaries of the allocation area from which the
annual revenue from allocated property tax proceeds will be
provided.
(2) The annual amount of revenue that will be provided,
which may not exceed the amount of property tax revenue
received by the redevelopment commission under IC 36-7-14
that is attributable to the public transportation corporation's
tax rate.
(3) The first and last year that the revenue will be provided.
(b) Before the legislative body of the municipality or the
redevelopment commission may adopt a resolution under this
section to provide revenue to the public transportation
corporation, the legislative body of the municipality and the
redevelopment commission shall hold a joint public hearing. The
proper officers of the municipality shall publish a notice of the
public hearing in accordance with IC 5-3-1. The notice must
specify that the purpose of the hearing is to consider providing
revenue to the municipality's public transportation corporation
from property tax proceeds allocated to the redevelopment
commission.
